Industrial property
Manufacturing and light-industrial premises.
What this instrument is
Read off the asset template the product uses to structure one of these, not written separately for the website.
| Fungibility | fungible |
|---|---|
| Income | Produces periodic income, so a distribution cycle applies. |
| Maturity | Open-ended, with no scheduled end. |
| Physical custody | Not required; the claim is documentary. |
| Proof of reserve | Not required, as there is no specific physical backing to attest to. |
| Independent valuation | Required — there is no continuous market price to rely on. |
Token model
Derived from what the instrument is — whether it is fungible, whether it is fractionalised, whether transfers depend on the recipient, whether it accrues rather than pays, and whether units come in batches.
ERC-3643. Transfers depend on who the recipient is. ERC-3643 pairs the token with an identity registry and a compliance module, so an ineligible transfer is rejected by the contract itself rather than only by policy.
Alternatives considered
| Standard | When it is the better choice |
|---|---|
| ERC-7943 | A newer permissioned standard. Consider it where its tooling and audit coverage are sufficient for your deployment; verify support on your target chain first. |
| ERC-4626 | If the instrument is a yield-bearing vault, wrap the restricted token rather than replacing it. |
What must exist before it can be offered
Readiness is derived from what has actually been recorded against the asset. These are the requirements this class carries.
Parties
- Asset owner — required.
- Issuer — required.
- Legal counsel — required.
- Special purpose vehicle — required.
- Valuation provider — required.
- Servicer — recommended.
- Insurer — recommended.
- Auditor — recommended.
- Transfer agent — recommended.
Documents
- Ownership evidence — required and must be current.
- Legal opinion — required and must be current.
- Offering memorandum — required and must be current.
- Subscription agreement — required and must be current.
- Investor disclosures — required and must be current.
- Title — required and must be current.
- Valuation — required and must be current.
- Insurance — required and must be current.
- Inspection report — recommended.
- Appraisal — recommended.
- Financial statements — recommended.
- Servicing report — recommended.
Legal structures commonly used
Presented as options for counsel to choose between, never applied automatically: Special purpose vehicle, Company shares, Trust, Beneficial interest, Direct ownership.
What is distinctive about real estate
The shape of the claim
Land registries record title to a named owner, so the token almost never represents the bricks. It represents an interest in the vehicle that holds the title, and the vehicle’s constitution is what defines the entitlement.
Servicing burden
Continuous. Letting, maintenance, rent collection, insurance and periodic revaluation carry on whether or not anybody is looking at the register.
Principal risk
Illiquidity, compounded by leverage. There may be no buyer at any price for a minority interest in one building, and a covenant breach can wipe equity out entirely.
Liquidity, realistically
Poor, and it should be assumed poor. Divisibility does not manufacture a buyer base for a single-building interest.
Structure a industrial property.
Launch Studio will not let this asset reach an offering without the parties and documents listed above.